Apple India has signed a 10-year lease for nearly 2.7 lakh sq feet in Bengaluru’s Embassy Zenith building, marking significant investment. The deal, valued at over Rs 1,000 crore, includes provisions for expansion and sets new benchmark for rentals.
Apple India has finalized one of its largest office lease agreements in Bengaluru as part of its broader push to make India a key hub for iPhone manufacturing worldwide. The business has a 10-year lease on almost 2.7 lakh square feet of space at Embassy Group’s Embassy Zenith building. With monthly rental rates of over Rs 235 per square foot, the deal, which is valued at over Rs 1,000 crore, has established a new standard in the city’s commercial real estate sector. Industry experts suggest it could accommodate over 1,200 employees and may be one of the largest single-tenant office leases in Bengaluru’s commercial real estate market.
Apple India Bengaluru Office Lease Details
According to the report, which cited lease records from real estate data company Propstack, Apple will take the building’s fifth through thirteenth levels. When charged areas are included, the agreement covers 196,179 square feet of carpet space, or 268,737 square feet. At an effective cost of Rs 235 per square foot, the monthly rent is allegedly fixed at Rs 6.315 crore. The lease contains a 4.5% yearly escalation provision that guarantees a consistent rent rise throughout the course of the ten-year term. Apple paid a Rs 31.57 crore security deposit to guarantee the deal. The whole expenditure of Rs 1,010 crore includes base rent as well as common area maintenance (CAM) and parking fees. Mac Charles (India) Limited, a subsidiary of the Embassy Group, is the owner of the structure.
The lease papers further reveal Apple’s plans to scale up within Embassy Zenith by taking over the ground through fourth floors, adding another 1.21 lakh sq ft of space. Once completed, this expansion would push Apple’s total office area in Bengaluru close to 4 lakh sq ft, reinforcing its position in India’s corporate real estate landscape.
Apple to Produce iPhone 17 series in India
Foxconn, the Taiwanese electronics major and one of Apple’s biggest suppliers, has kicked off production of the upcoming iPhone 17 at its newly built plant in Bengaluru. This milestone positions the site as Foxconn’s second-largest iPhone manufacturing hub outside of China, developed with an investment of nearly $2.8 billion (approximately Rs 25,000 crore).